Mubasher: Kuwait Reinsurance reported a plunge of 83.8% in profits during the fourth quarter of 2017 compared to the same period in the 2016 fiscal year.
Earnings shrank to KWD 279,000 ($932,250) in Q4-17 from KWD 1.72 million ($5.75 million) in Q4-16, according to a bourse filing on Thursday.
During the 2017 fiscal year, earnings increased by 56.9% to KWD 3.06 million compared to KWD 1.95 million in FY16.
The growth in FY17 profits is attributed to an increase in premiums as well as profitability from currency exchange, the bourse filing noted.
Kuwait Reinsurance’s board members recommended distributing 10% or capital bonus shares or 10-for-100 shares.